Algoma celebrates its 125th anniversary

The year 2024 has been an exciting one for Algoma as it celebrates its 125th anniversary and reflects on the milestones that it achieved that reinforce its commitment to sustainability, diversification, growth, innovation, and operational efficiency.

 

The year started with an announcement that Algoma acquired two high-quality ice-class 16,600dwt product tankers, the Algoluna and the Algosolis. In April of this year, as part of Algoma’s nearly $600 million investment in fleet renewal, the 740-foot Seaway max self-unloader, the Algoma Bear, was delivered. Excitingly, all three vessels bring Algoma’s fleet to 26 domestic vessels, which are now servicing its customers on the Great Lakes-St. Lawrence Seaway, delivering essential goods used by communities across North America and around the world.

 

The year 2024 also served as a symbol of Algoma’s ongoing diversification and strategic advancement, as it progresses forward with its commitment to foster sustainable business growth that benefits not just its customers, but its employees, investors, and communities. In February of this year, the Fure Vanguard was the first of ten vessels to be delivered and start trading in northern Europe. This served as a significant achievement in Algoma’s investment in the FureBear joint venture to construct ten dual-fuel ice class climate-friendly product tankers. In September, the Fure Viken was delivered and at the time of writing, the Fure Viskär has officially left the shipyard and is making her way to Europe to trade alongside her sister ships. Recognizing the marine industry as an economic powerhouse and a global environmental solution, Algoma is thrilled to witness its real time progress as it serves a reminder to the importance of remaining dedicated to pursuing ongoing growth initiatives.

 

As part of this dedication to diversification, Algoma also has a Global Short Sea Shipping segment that comprises three joint ventures with its partner Nova Marine Carriers SA of Lugano, Switzerland. This joint venture has grown rapidly since it began in early 2016 and has enabled Algoma to increase its presence internationally.

 

One of these segments is NovaAlgoma Cement Carriers, or NACC, which operates specialized pneumatic cement vessels worldwide. NACC is the largest and most diverse fleet of specialized cement carriers operating globally.

 

The vessels utilize a compressor and pump system to load and unload cement powder; this system is fully enclosed with essentially no discharge to the atmosphere and significantly reduces the carbon intensity of cement transportation versus other modes.

 

 

 

Algoma currently manages two NACC vessels operating on the Great Lakes–St. Lawrence Seaway, transporting cement from production plants primarily located in Ontario and Quebec to terminals in Newfoundland. There, the cement is transferred to a ready-mix plant for concrete production. Down the supply chain, this concrete is used to build bridges, buildings, homes, sidewalks, roads, and other essential infrastructure that communities rely on every day.

 

In September, a newbuild contract became effective for a 38,000-deadweight tonne methanol-ready pneumatic cement vessel that will operate as part of NACC. The vessel will be the world’s largest pneumatic cement carrier and the first cement carrier with a methanol-ready designation and is scheduled to be delivered in the first quarter of 2027.

 

Algoma’s 125th year also marked an era of innovation, bringing exciting opportunities to explore technologies that can possibly drive substantial improve ments in reducing carbon emissions for both Algoma and the wider maritime sector. On 16 July, Algoma received grant funding for five studies under Transport Canada’s Green Shipping Corridor Program (GSCP). Specifically, the GSCP is helping Algoma research potential solutions for the following studies:

 

 

Algoma has already begun exploring these advancements to identify their long-term viability and feasibility for a greener future on the Great Lakes–St. Lawrence Seaway. However, the journey to a lower carbon future involves active participation from government at all levels, collaboration with our valued customers, and unified ideas with key members of the marine industry. While Algoma looks forward to researching and potentially implementing these new technologies, it knows that it must remember the importance of creating solutions suited to the unique characteristics of Canada’s short sea shipping infrastructure. Ultimately, Algoma remains dedicated to advancing decarbonization efforts in its vessel operations in this unique environment.

 

 

In April, the 740-foot Seaway max self-unloader, the Algoma Bear (seen here at the Port of Thunder Bay),

was delivered to Algoma (photo: Kelly Noseworthy, HOPA Ports). 

 

As the end of 2024 approaches, Algoma’s 125th anniversary year, the company is reflecting on a period defined by growth, innovation, and commitment to sustainability. This year’s achievements reaffirm its dedication to advancing maritime transportation in ways that support communities, protect the environment, and strengthen the industry. From expanding its fleet and implementing green technology initiatives, to dedication to diversification through its joint ventures, Algoma has made great strides in its mission to serve as a leader in sustainable shipping. It looks forward to building on this momentum as it continues to deliver essential goods and support resilient, thriving communities at home and abroad.